Impact of Brexit on housing

An article on the BBC website points out the possible impact of the EU vote on housing.

Housing outlook

This is slightly more difficult to judge, but swap rates – which are often the precursor to changing mortgage rates – have been falling since the vote to leave the EU.

If mortgage interest rates follow, then housebuyers and those remortgaging may see the cost of their monthly repayments become a bit cheaper.

Rates have been at historically low levels in recent times, but lenders may decide that cheaper rates are needed to tempt what may be a smaller pool of first-time buyers, movers and those looking to remortgage.

The view on the markets is that the housing sector, particularly in London, will be hit by uncertainty. Any fall in house prices would be welcomed by first-time buyers.